Economics Past Questions

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141 questions JAMB 2540 WAEC 1723 NECO 272 CUSTOM 10
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Past Questions

141 questions
Question 1 of 20 141 total questions
Question 51
jamb 2022

Gross National Product (GNP) less the provision for the wear and tear of assets is the

Anet present value
Bnet national product
Cnet factor income
Dnet indirect taxes
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Question 52
jamb 2022

Which of the following industries will add more value to primary products?

AService industry
BConstruction industry
CMining industry
DProcessing industry
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Question 53
jamb 2022


The point x inside the ppc indicate?

Aresources are fully utilized
Bthe country is poor
Csome resources are idle
Dresources are not available
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Question 54
jamb 2022

The main objective of marketing boards is to

Aaccumulate revenue for government
Beducate farmers on pricing of cash crops
Cstabilize the incomes of cash crop farmers
Dprovide warehousing facilities
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Question 55
jamb 2022

The type of unemployment found among workers who leave their jobs in search of other jobs is termed

Aseasonal unemployment
Bstructural unemployment
Cfrictional unemployment
Dcyclical unemployment
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Question 56
jamb 2022

Which of the following factors may not affect the efficiency of labour?

AEducation and training
BProvision of welfare service
CRace and colour of workforce
DQuality of other factor inputs
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Question 57
jamb 2022

A positive effect of a rapid population increase is

Aan excessive budget deficit
Ba reduction in standard of living
Ca wider market for goods and services
Da higher dependency ratio
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Question 58
jamb 2022

A major function of the retailer is to

Agrant credit to the wholesaler
Bbreak bulk and sell products in small units
Creduce cost of distribution
Dgenerate demand for products through advertisement
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Question 59
jamb 2022

The middlemen is responsible for

Aproviding research facilities
Bpurchasing raw materials
Cdesigning the product
Dbreaking the bulk
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Question 60
jamb 2022

A disadvantage of a jont-stock company is

Aunlimited liability
Blimited liability
Clack of continuity when a shareholder dies
Dlimited control in management by shareholders
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Question 61
jamb 2022

Cooperative societies are formed mainly to

Aassist producers to maximize their profits
Bencourage thrift and credit among members
Cpromote and maintain the welfare of members
Dbreak the monopolies of private companies
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Question 62
jamb 2022

The sufficient condition for a firm to be in equilibrium is that the

Afirm must show that it is profitable
Bmarginal cost must be equal to average revenue
Cmarginal revenue curve is above the average revenue curve
Dmarginal cost curve cuts the marginal revenue curve from below
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Question 63
jamb 2022

A firm that closes down will still incur

Avariable cost
Bfixed cost
Ctotal cost
Dmarginal cost
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Question 64
jamb 2022

The production cost that varies inversely with output is the

Atotal fixed cost
Bmarginal cost
Caverage fixed cost
Daverage cost
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Question 65
jamb 2022

In manufacturing, division of labour may be hindered by

Aexcessive demand for the product
Blow level of technology
Cexcess supply of labour
Dincrease in the export of goods
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Question 66
jamb 2022

Which of the following factors is not a cause of diminishing returns?

AIncrease in variable inputs
BLand fragmentation
CConstant technology
DTechnological innovations
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Question 67
jamb 2022

A minimum price legislation is also called

Aprice ceiling
Bprice floor
Cprice control
Dprice mechanism
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Question 68
jamb 2022

If the government imposes a minimum price on a commodity

Amarket surplus occurs
Bthe market will be cleared in the short-run
Cexcess demand occurs
Dgovernment regulation is no longer needed
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Question 69
jamb 2022

A consumer of a single commodity is in equilibrium when

Ahe can equate his demand with price
Bhe equates marginal utility and price
Che can equate his marginal and total utilities
Dhis marginal utility is equal to zero
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Question 70
jamb 2022

A country's budget allocation to various sectors of the economy is shown in the pie chart above...
Use it to answer this question

What is the ratio of expenditure on health to Agriculture if the yearly budget is 7200?

A2: 3
B3:4
C4:3
D5:4
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